Univest Securities, LLC Announces Closing of $ 18 Increase


NEW YORK, Aug 23, 2021 (GLOBE NEWSWIRE) – Univest Securities, LLC, a member of FINRA and SIPC, and a full-service investment bank and brokerage firm based in New York, announced today the closing of an increased public offering for the sale of 720,000 shares of 9.0% cumulative perpetual preferred shares Series A, par value of $ 0.001 per share, with a liquidation preference of 25, $ 00 per share (the “Series A Preferred Shares”), at a public price of $ 25.00 per share for aggregate gross proceeds of $ 18,000,000 by its client Mechanical Technology, Incorporated (“MTI” or the “ Company ”), (NASDAQ: MKTY), the parent company of EcoChain, Inc. (“ EcoChain ”), a renewable energy company, and MTI Instruments, Inc. (“ MTI Instruments ”), a company of test and measurement instruments and systems. The net proceeds to the Company, after payment of discounts and underwriting commissions and estimated offering fees payable by the Company, were approximately $ 16.1 million.

The Series A Preferred Shares are a new issue of securities with no established trading market. The Series A preferred shares have been approved for listing on the Nasdaq Stock Market LLC under the symbol “MKTYP”.

The Company has also granted the underwriters a 45-day option to purchase up to 108,000 additional shares of the Series A Preferred Shares (representing 15% of the shares of the Series A Preferred Shares sold under the Offer) for cover over-allotments, if only. The Underwriters may exercise this option at any time and from time to time during the 45 day period following the closing of the offering. If the Over-Allotment Option is exercised in full by the Underwriters, this will result in additional Aggregate Gross Proceeds of approximately $ 2,700,000 less applicable Underwriters’ discounts and other fees and expenses relating to the Offer.

MTI intends to use the net proceeds of the offering for the acquisition, development and growth of data centers, including cryptocurrency mining processors, other computer processing equipment, the data storage, electrical infrastructure, software and real estate, and acquisitions of businesses, product lines or assets related to MTI Instruments and for working capital and general business needs, which include, but are not limited to, operating expenses.

Series A preferred shares are perpetual and have no expiration date. The Series A preferred shares are not redeemable until August 23, 2026, except in certain circumstances. Effective August 23, 2026, the Series A preferred shares may be redeemed at the option of the Company, in whole or in part, from time to time, at a redemption price of $ 25.00 per share of the preferred stock of Series A, plus all accrued and unpaid dividends (whether declared or not) on the Series A preferred shares up to, but not including, the date of such redemption. Series A preferred shares may also be redeemed in the event of delisting or change of control.

Univest Securities, LLC is acting as the sole book manager for this offering.

The offering is made in accordance with the company’s registration statement on Form S-1 (File No. 333-257300), as amended, including by its registration statement on Form S-1MEF filed in accordance with to Rule 462 (b), previously filed with and subsequently declared in effect by the Securities and Exchange Commission (“SEC”). A final prospectus relating to the offering was filed with the SEC on August 20, 2021 and is available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from Univest Securities, LLC, 375 Park Avenue, 15th Floor, New York, NY 10152, by telephone (212) 343-8888 or by e-mail info @ univest.us.

This press release does not constitute an offer to sell or the solicitation of an offer to buy such securities, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Univest Securities, LLC

Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients around the world, including brokerage and execution, sales and trading, and brokerage services. market, investment banking and advisory, wealth management. She strives to provide value-added service to her clients and focuses on building long-term relationships with her clients. For more information, please visit: www.univest.us.

About MTI

MTI is the parent company of MTI Instruments, Inc. and EcoChain, Inc. Through EcoChain, MTI is developing renewable energy-powered cryptocurrency mining facilities that integrate with the blockchain network. Through MTI Instruments, MTI is engaged in the design, manufacture and sale of test and measurement instruments and systems that use a full range of technologies to solve complex and real-world applications in many industries. These include manufacturing, electronics, semiconductors, solar power, commercial and military aviation, automotive, and data storage. For more information on MTI, please visit https://www.mechtech.com.

Forward-looking statements

This hurry the press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, and sub-assumptions. underlying statements and other statements which are other than statements of historical fact. These statements are subject to uncertainties and risks, including, but not limited to, demand and acceptance of products and services, technological changes, economic conditions, the impact of competition and pricing, government regulations and other risks contained in reports filed by MTI with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of MTI, are expressly qualified by this cautionary statement and any other cautionary statement that may accompany forward-looking statements. Besides, UNIvest Securities, LLC and the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof..

For more information please contact:

Univest Securities, LLC

Edric Guo
ChManaging Director of the ief
375, avenue du Parc # 1502
New York, New York 10152
Telephone: (212) 343-8888
Email: [email protected]

Source link


Leave A Reply